The past week has seen Bitcoin struggling to hold onto its recovery attempts, signaling selling by bears at higher levels. Despite buyers failing to push the price above $100,000, they have not ceded much ground to sellers. This suggests that bulls are still in control and are likely to continue pushing the price upward.
Technical Analysis
The technical analysis of Bitcoin’s charts shows a mixed picture. The 20-day EMA is sloping up, indicating an advantage to buyers. However, the RSI is near the midpoint, suggesting a balance between buyers and sellers. This means that either side can gain control depending on market conditions.
Price Predictions
Based on technical analysis, here are some price predictions for Bitcoin:
- If buyers continue to push the price upward, it may rally to $110,000 and then to $120,000.
- On the downside, if bears manage to sink the price below $90,000, it could drop to $80,000.
Altcoins Analysis
In addition to Bitcoin, several altcoins are also showing promise. Here’s a brief analysis of some popular altcoins:
Monero (XMR)
Monero has been attempting to start a recovery for the past few days but is facing stiff resistance at $203. If it stays above the 20-day EMA, the prospects of a break above $203 increase.
Price Predictions
- If the price breaks and stays below the 20-day EMA, it will suggest that the pair may spend some more time inside the $180 to $203 range.
- The bears will be in the driver’s seat if they sink the price below $180.
AAVE (AAVE)
The upsloping 20-day EMA indicates that bulls have an edge, but the RSI near the midpoint suggests that momentum is slowing down. If the price plunges below the 20-day EMA, the AAVE/USDT pair could drop to $261.
Price Predictions
- If buyers want to retain the advantage, they will have to swiftly drive the price above $362.
- If they manage to do that, the pair could retest the overhead resistance at $400.
VIRTUAL (VIRTUAL)
The upsloping 20-day EMA suggests that buyers are in control, but the negative divergence on the RSI signals that positive momentum may be slowing down. The VIRTUAL/USDT pair may rise to $4 and above it to $4.79.
Price Predictions
- On the downside, a break and close below $3.33 will be the first sign of weakness.
- The pair may then drop to the 20-day EMA, which is a crucial level to watch for.
Conclusion
In conclusion, Bitcoin has failed to hold onto its recovery attempts, but bulls are still in control. The altcoins analysis shows promise for several popular coins, including Monero, AAVE, and VIRTUAL. However, it’s essential to note that every investment and trading move involves risk, and readers should conduct their own research before making a decision.
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